Cboe Global Markets Tumbles on Competitive Fears Despite Record Earnings

EarningsRegulation
โดย Zacks Investment Research·Read original
Summary · why it matters

Cboe Global Markets shares have plunged from $370 to around $250 over the past month as Wall Street repriced the stock on competitive fears, even though the company posted one of its best quarters ever. The world's largest options exchange reported first-quarter adjusted earnings of $3.70 per share, beating estimates by 9%, on net revenue of $729 million versus a $688 million consensus, with operating margins expanding to 72.4% from 66.0% a year ago. Management raised full-year organic revenue growth guidance to low double-digit to mid-teens and cut operating expense guidance to $838-853 million, while announcing a strategic realignment that will reduce the workforce by 20%. Analysts have revised current-year EPS estimates up nine times in the past 60 days with no downgrades, pushing the full-year consensus from $12.44 to $13.34, yet the stock was driven down by concerns over CFTC approval of perpetual futures for Kalshi and Schwab's plans for a binary options product. Cboe pushed back, noting its SPX options ecosystem took decades to build and cannot be replicated overnight, and it is moving into event markets itself with securities-based XSP event contracts in the pipeline.

Impact on stocks 2

Financials▼ · 1 stocks
Cboe Global Markets Inc
CBOE
▼ NegativeCompetitionrelevance

Stock plunged on competitive fears from Kalshi's CFTC-approved perpetual futures and Schwab's binary options product.

Digital Finance & Tokenization▲ · 1 stocks
Charles Schwab Corp
SCHW
± MixedCompetitionrelevance

Schwab's plans for a binary options product are mentioned as a competitive threat to Cboe, but Schwab itself is not directly impacted by the news.

Theme Impact 1

Off-coverage companies 1

KalshiPrivate± Mixed
Regulationrelevance

Kalshi's CFTC approval for perpetual futures is cited as a competitive threat to Cboe, but Kalshi itself is not discussed further.

Related news

2

Bitcoin Tops $81,000 as Short Squeeze Offsets Rate and Regulatory Pressure

Bitcoin surged above $81,000 on Saturday as a wave of short liquidations and renewed spot demand helped the cryptocurrency rebound from losses triggered by higher interest rates and a setback for U.S. crypto legislation. Bitcoin climbed as high as $81,702 on Sept. 18 after trading near $76,400 a day earlier, marking its first move above $80,000 since Sept. 7, and was trading at $81,309.4 as of 22:50 ET, up 5.62% for the day. The rebound followed a difficult week in which the Federal Reserve raised interest rates by 25 basis points and the Bank of Japan followed with a quarter-point increase to 1.25%, its highest policy rate in 31 years, while U.S. spot Bitcoin ETFs recorded about $159 million of inflows on Sept. 17. A sharp short squeeze then accelerated Friday's rally, with roughly $192 million of leveraged crypto positions liquidated within one hour, including more than $183 million in shorts, of which Bitcoin shorts accounted for about $119 million. Regulatory uncertainty remains in focus after the U.S. Senate failed to advance the CLARITY Act this week, though the CFTC has submitted a separate crypto market proposal to the White House Office of Management and Budget and the SEC introduced an innovation exemption giving qualifying platforms a five-year route to offer onchain trading in certain tokenized stocks without registering as securities exchanges.
BTC ▲
Digital Finance & Tokenization ▲
Investing.com·4hRead more →
▲impact 4

SEC Unveils Trading Framework for Tokenized Stocks, S&P Acquires OpenZeppelin, DeFi Market Cap Hits $80 Billion

The U.S. Securities and Exchange Commission introduced a provisional, conditional exemption allowing certain tokenized U.S.-listed equities to trade on-chain under specified conditions, while S&P Global agreed to acquire OpenZeppelin, a firm specializing in smart contract security infrastructure. The SEC measure, set out in a "Statement on Innovation Exemptions" signed by Commissioner Mark T. Ueda, guarantees holders of equity tokens the same rights as holders of conventional shares and requires third parties to notify the issuer of the underlying stock in writing before dealing in tokenized shares. According to S&P Global, OpenZeppelin's technology has supported the transfer of more than $37 trillion in value cumulatively, including major stablecoins and tokenized funds. Following these announcements, the market capitalization of DeFi-related tokens rose about $7 billion on Friday, climbing 8.8% to $79.8 billion, while the total market capitalization of the broader crypto market rose 4% to $2.7 trillion. Hyperliquid's HYPE jumped 10.8% to an all-time high of about $90.46, giving it a market capitalization of $20.12 billion; Uniswap's UNI rose 29.1% over 24 hours to about $9.00, for a market capitalization of $5.59 billion; and Aave's AAVE gained 9.5% to about $135.28. Bitwise Chief Investment Officer Matt Hougan said the SEC is trying to put in place as much of a crypto regulatory framework as it can under its existing authority, and described tokenization as a massive tide.
SPGI ▲
Digital Finance & Tokenization ▲
NADA NEWS·6hRead more →

CFTC Submits New Crypto Regulation Proposal to White House

The U.S. Commodity Futures Trading Commission submitted a regulatory proposal on crypto asset trading and markets to the White House for review on September 17. According to review records published by the Office of Information and Regulatory Affairs, which operates under the Office of Management and Budget, the item is under review at the "pre-rule stage" and is titled "Regulation of Crypto Asset Trading and Crypto Asset Markets." The public record does not indicate specific draft rules or which entities would be covered, and the submission does not mean a new rule has been finalized. To establish oversight rules for the crypto asset market, the CFTC and the U.S. Securities and Exchange Commission made Project Crypto a joint effort in January 2026, and in March they published interpretations and guidance on applying federal securities law to crypto assets; this submission is the CFTC's follow-on move toward rulemaking. Meanwhile, the CLARITY Act, which would set the SEC's and CFTC's supervisory scopes in law, has stalled, and the U.S. Senate on September 15 rejected a cloture motion to begin debate by a vote of 49 in favor to 50 against.
Digital Finance & Tokenization
NADA NEWS·7hRead more →
© 2026 MarketDXNews